other than requirement traceability matrix what all other factors that we need to check in order to exit a testing process

Answer

To Exit the testing process we need to consider following :-

The number of sev 1 defects Need to check whether the Quality measures defined in the test Plan are all met?Need to consider Mean time between failuresThe Test budgetThe project deadline (Importance of product to the client)The business risk of releasing/not releasing the software to the users

Quality features( i,e FURPS )that are mentioned in test plan shoud be met.
All the major and critical defects should be fixed and verified.